Principal Financial (PFG) DEF 14A 3 Apr 23 Definitive proxy Financial data

Cover

Cover	12 Months Ended
	Dec. 31, 2022
Document Information [Line Items]
Document Type	DEF 14A
Amendment Flag	false
Entity Information [Line Items]
Entity Registrant Name	PRINCIPAL FINANCIAL GROUP, INC.
Entity Central Index Key	0001126328

Pay vs Performance Disclosure

Pay vs Performance Disclosure pure in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Pay vs Performance Disclosure [Table]
Pay vs Performance [Table Text Block]	Pay Versus Performance Table The following table sets forth the relationship between the executive Compensation Actually Paid and the financial performance during 2020, 2021, and 2022. ​ Year ​ ​ ​ Summary 1 ​ ​ ​ Compensation 1,3 ​ ​ ​ Average 2 ​ ​ ​ Average 2,3 ​ ​ ​ Value of Initial Fixed $100 ​ ​ ​ Net ​ ​ ​ Non-GAAP 5 (in millions) ​ ​ Total ​ ​ ​ Peer Group Total 4 ​ ​ ​ 2022 ​ ​ ​ $13,804,149 ​ ​ ​ $22,473,839 ​ ​ ​ $4,697,081 ​ ​ ​ $8,266,843 ​ ​ ​ $172.34 ​ ​ ​ $128.51 ​ ​ ​ $4,852.2 ​ ​ ​ $1,700.9 ​ ​ 2021 ​ ​ ​ $17,566,163 ​ ​ ​ $31,100,475 ​ ​ ​ $5,217,527 ​ ​ ​ $7,648,364 ​ ​ ​ $143.50 ​ ​ ​ $136.28 ​ ​ ​ $1,757.4 ​ ​ ​ $1,847.6 ​ ​ 2020 ​ ​ ​ $15,614,418 ​ ​ ​ $9,494,060 ​ ​ ​ $4,508,046 ​ ​ ​ $3,145,730 ​ ​ ​ $94.81 ​ ​ ​ $100.64 ​ ​ ​ $1,428.5 ​ ​ ​ $1,366.4 ​ ​ 1 Daniel J. Houston was our Chief Executive Officer in all years reported. ​ 2 During 2022 our non-PEO NEOs consisted of Deanna D. Strable-Soethout, Patrick G. Halter, Amy C. Friedrich, and Natalie Lamarque. During 2021 our non-PEO NEOs consisted of Deanna D. Strable-Soethout, Patrick G. Halter, Amy C. Friedrich and Renee Schaff. During 2020 our non-PEO NEOs consisted of Deanna D. Strable-Soethout, Patrick G. Halter, Timothy M. Dunbar and Luis Valdes. ​ 3 Adjustments were as follows: ​ ​ Adjustments to Determine ​ ​ ​ 2022 ​ ​ ​ 2021 ​ ​ ​ 2020 ​ ​ PEO ​ ​ ​ NEOs ​ ​ ​ PEO ​ ​ ​ NEOs ​ ​ ​ PEO ​ ​ ​ NEOs ​ ​ Deduction for Change in the Actuarial Present Values reported under the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” Column of the SCT ​ ​ ​ $598,475 ​ ​ ​ $2,724 ​ ​ ​ $1,699,323 ​ ​ ​ $680,106 ​ ​ ​ $4,010,196 ​ ​ ​ $815,417 ​ ​ Increase for “Service Cost” for Pension Plans ​ ​ ​ $474,380 ​ ​ ​ $107,628 ​ ​ ​ $504,001 ​ ​ ​ $152,460 ​ ​ ​ $481,662 ​ ​ ​ $88,879 ​ ​ Increase for “Prior Service Cost” for Pension Plans ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ Deduction for Amounts Reported under the “Stock Awards” Column in the SCT ​ ​ ​ $8,540,764 ​ ​ ​ $2,933,301 ​ ​ ​ $4,275,014 ​ ​ ​ $912,107 ​ ​ ​ $3,874,991 ​ ​ ​ $936,869 ​ ​ Deduction for Amounts Reported under the “Option Awards” Column in the SCT ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $4,275,011 ​ ​ ​ $912,131 ​ ​ ​ $3,874,991 ​ ​ ​ $936,875 ​ ​ Increase for Fair Value of Awards Granted during year that Remain Unvested as of Year-end ​ ​ ​ $11,481,425 ​ ​ ​ $3,777,323 ​ ​ ​ $12,034,239 ​ ​ ​ $2,535,846 ​ ​ ​ $7,148,050 ​ ​ ​ $1,716,941 ​ ​ Increase for Fair Value of Awards Granted during year that Vest during year ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ Increase/deduction for Change in Fair Value from prior Year-end to current Year-end of Awards Granted Prior to year that were Outstanding and Unvested as of Year-end ​ ​ ​ $4,832,278 ​ ​ ​ $810,800 ​ ​ ​ $8,686,222 ​ ​ ​ $1,747,456 ​ ​ ​ $(1,850,959) ​ ​ ​ $(449,330) ​ ​ Adjustments to Determine ​ ​ ​ 2022 ​ ​ ​ 2021 ​ ​ ​ 2020 ​ ​ PEO ​ ​ ​ NEOs ​ ​ ​ PEO ​ ​ ​ NEOs ​ ​ ​ PEO ​ ​ ​ NEOs ​ ​ Increase/deduction for Change in Fair Value from prior Year-end to Vesting Date of Awards Granted Prior to year that Vested during year ​ ​ ​ $76,681 ​ ​ ​ $8,011 ​ ​ ​ $1,797,970 ​ ​ ​ $343,818 ​ ​ ​ $(725,573) ​ ​ ​ $(173,995) ​ ​ Deduction of Fair Value of Awards Granted Prior to year that were Forfeited during year ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ Increase based upon Incremental Fair Value of Awards Modified during year ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ Increase based on Dividends or Other Earnings Paid during year prior to Vesting Date of Award ​ ​ ​ $944,165 ​ ​ ​ $1,802,025 ​ ​ ​ $761,228 ​ ​ ​ $155,602 ​ ​ ​ $586,641 ​ ​ ​ $144,351 ​ ​ Total Adjustments ​ ​ ​ $8,669,690 ​ ​ ​ $3,569,762 ​ ​ ​ $13,534,312 ​ ​ ​ $2,430,837 ​ ​ ​ $(6,120,358) ​ ​ ​ $(1,362,316) ​ ​ 4 Peer Group used is the S&P 500 Financials Index. ​ 5 See non-GAAP financial measure reconciliations in Appendix B.
Company Selected Measure Name	Non-GAAP Operating Earnings
Named Executive Officers, Footnote [Text Block]	1 Daniel J. Houston was our Chief Executive Officer in all years reported. ​ 2 During 2022 our non-PEO NEOs consisted of Deanna D. Strable-Soethout, Patrick G. Halter, Amy C. Friedrich, and Natalie Lamarque. During 2021 our non-PEO NEOs consisted of Deanna D. Strable-Soethout, Patrick G. Halter, Amy C. Friedrich and Renee Schaff. During 2020 our non-PEO NEOs consisted of Deanna D. Strable-Soethout, Patrick G. Halter, Timothy M. Dunbar and Luis Valdes. ​
Peer Group Issuers, Footnote [Text Block]	4 Peer Group used is the S&P 500 Financials Index.
PEO Total Compensation Amount	$ 13,804,149	$ 17,566,163	$ 15,614,418
PEO Actually Paid Compensation Amount	$ 22,473,839	31,100,475	9,494,060
Adjustment To PEO Compensation, Footnote [Text Block]	3 Adjustments were as follows: ​ ​ Adjustments to Determine ​ ​ ​ 2022 ​ ​ ​ 2021 ​ ​ ​ 2020 ​ ​ PEO ​ ​ ​ NEOs ​ ​ ​ PEO ​ ​ ​ NEOs ​ ​ ​ PEO ​ ​ ​ NEOs ​ ​ Deduction for Change in the Actuarial Present Values reported under the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” Column of the SCT ​ ​ ​ $598,475 ​ ​ ​ $2,724 ​ ​ ​ $1,699,323 ​ ​ ​ $680,106 ​ ​ ​ $4,010,196 ​ ​ ​ $815,417 ​ ​ Increase for “Service Cost” for Pension Plans ​ ​ ​ $474,380 ​ ​ ​ $107,628 ​ ​ ​ $504,001 ​ ​ ​ $152,460 ​ ​ ​ $481,662 ​ ​ ​ $88,879 ​ ​ Increase for “Prior Service Cost” for Pension Plans ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ Deduction for Amounts Reported under the “Stock Awards” Column in the SCT ​ ​ ​ $8,540,764 ​ ​ ​ $2,933,301 ​ ​ ​ $4,275,014 ​ ​ ​ $912,107 ​ ​ ​ $3,874,991 ​ ​ ​ $936,869 ​ ​ Deduction for Amounts Reported under the “Option Awards” Column in the SCT ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $4,275,011 ​ ​ ​ $912,131 ​ ​ ​ $3,874,991 ​ ​ ​ $936,875 ​ ​ Increase for Fair Value of Awards Granted during year that Remain Unvested as of Year-end ​ ​ ​ $11,481,425 ​ ​ ​ $3,777,323 ​ ​ ​ $12,034,239 ​ ​ ​ $2,535,846 ​ ​ ​ $7,148,050 ​ ​ ​ $1,716,941 ​ ​ Increase for Fair Value of Awards Granted during year that Vest during year ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ Increase/deduction for Change in Fair Value from prior Year-end to current Year-end of Awards Granted Prior to year that were Outstanding and Unvested as of Year-end ​ ​ ​ $4,832,278 ​ ​ ​ $810,800 ​ ​ ​ $8,686,222 ​ ​ ​ $1,747,456 ​ ​ ​ $(1,850,959) ​ ​ ​ $(449,330) ​ ​ Adjustments to Determine ​ ​ ​ 2022 ​ ​ ​ 2021 ​ ​ ​ 2020 ​ ​ PEO ​ ​ ​ NEOs ​ ​ ​ PEO ​ ​ ​ NEOs ​ ​ ​ PEO ​ ​ ​ NEOs ​ ​ Increase/deduction for Change in Fair Value from prior Year-end to Vesting Date of Awards Granted Prior to year that Vested during year ​ ​ ​ $76,681 ​ ​ ​ $8,011 ​ ​ ​ $1,797,970 ​ ​ ​ $343,818 ​ ​ ​ $(725,573) ​ ​ ​ $(173,995) ​ ​ Deduction of Fair Value of Awards Granted Prior to year that were Forfeited during year ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ Increase based upon Incremental Fair Value of Awards Modified during year ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ Increase based on Dividends or Other Earnings Paid during year prior to Vesting Date of Award ​ ​ ​ $944,165 ​ ​ ​ $1,802,025 ​ ​ ​ $761,228 ​ ​ ​ $155,602 ​ ​ ​ $586,641 ​ ​ ​ $144,351 ​ ​ Total Adjustments ​ ​ ​ $8,669,690 ​ ​ ​ $3,569,762 ​ ​ ​ $13,534,312 ​ ​ ​ $2,430,837 ​ ​ ​ $(6,120,358) ​ ​ ​ $(1,362,316) ​
Non-PEO NEO Average Total Compensation Amount	$ 4,697,081	5,217,527	4,508,046
Non-PEO NEO Average Compensation Actually Paid Amount	$ 8,266,843	7,648,364	3,145,730
Adjustment to Non-PEO NEO Compensation Footnote [Text Block]	3 Adjustments were as follows: ​ ​ Adjustments to Determine ​ ​ ​ 2022 ​ ​ ​ 2021 ​ ​ ​ 2020 ​ ​ PEO ​ ​ ​ NEOs ​ ​ ​ PEO ​ ​ ​ NEOs ​ ​ ​ PEO ​ ​ ​ NEOs ​ ​ Deduction for Change in the Actuarial Present Values reported under the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” Column of the SCT ​ ​ ​ $598,475 ​ ​ ​ $2,724 ​ ​ ​ $1,699,323 ​ ​ ​ $680,106 ​ ​ ​ $4,010,196 ​ ​ ​ $815,417 ​ ​ Increase for “Service Cost” for Pension Plans ​ ​ ​ $474,380 ​ ​ ​ $107,628 ​ ​ ​ $504,001 ​ ​ ​ $152,460 ​ ​ ​ $481,662 ​ ​ ​ $88,879 ​ ​ Increase for “Prior Service Cost” for Pension Plans ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ Deduction for Amounts Reported under the “Stock Awards” Column in the SCT ​ ​ ​ $8,540,764 ​ ​ ​ $2,933,301 ​ ​ ​ $4,275,014 ​ ​ ​ $912,107 ​ ​ ​ $3,874,991 ​ ​ ​ $936,869 ​ ​ Deduction for Amounts Reported under the “Option Awards” Column in the SCT ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $4,275,011 ​ ​ ​ $912,131 ​ ​ ​ $3,874,991 ​ ​ ​ $936,875 ​ ​ Increase for Fair Value of Awards Granted during year that Remain Unvested as of Year-end ​ ​ ​ $11,481,425 ​ ​ ​ $3,777,323 ​ ​ ​ $12,034,239 ​ ​ ​ $2,535,846 ​ ​ ​ $7,148,050 ​ ​ ​ $1,716,941 ​ ​ Increase for Fair Value of Awards Granted during year that Vest during year ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ Increase/deduction for Change in Fair Value from prior Year-end to current Year-end of Awards Granted Prior to year that were Outstanding and Unvested as of Year-end ​ ​ ​ $4,832,278 ​ ​ ​ $810,800 ​ ​ ​ $8,686,222 ​ ​ ​ $1,747,456 ​ ​ ​ $(1,850,959) ​ ​ ​ $(449,330) ​ ​ Adjustments to Determine ​ ​ ​ 2022 ​ ​ ​ 2021 ​ ​ ​ 2020 ​ ​ PEO ​ ​ ​ NEOs ​ ​ ​ PEO ​ ​ ​ NEOs ​ ​ ​ PEO ​ ​ ​ NEOs ​ ​ Increase/deduction for Change in Fair Value from prior Year-end to Vesting Date of Awards Granted Prior to year that Vested during year ​ ​ ​ $76,681 ​ ​ ​ $8,011 ​ ​ ​ $1,797,970 ​ ​ ​ $343,818 ​ ​ ​ $(725,573) ​ ​ ​ $(173,995) ​ ​ Deduction of Fair Value of Awards Granted Prior to year that were Forfeited during year ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ Increase based upon Incremental Fair Value of Awards Modified during year ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ ​ $0 ​ ​ Increase based on Dividends or Other Earnings Paid during year prior to Vesting Date of Award ​ ​ ​ $944,165 ​ ​ ​ $1,802,025 ​ ​ ​ $761,228 ​ ​ ​ $155,602 ​ ​ ​ $586,641 ​ ​ ​ $144,351 ​ ​ Total Adjustments ​ ​ ​ $8,669,690 ​ ​ ​ $3,569,762 ​ ​ ​ $13,534,312 ​ ​ ​ $2,430,837 ​ ​ ​ $(6,120,358) ​ ​ ​ $(1,362,316) ​
Compensation Actually Paid vs. Total Shareholder Return [Text Block]	Compensation Actually Paid vs. Total Shareholder Return
Compensation Actually Paid vs. Net Income [Text Block]	Compensation Actually Paid vs. Net Income ($M)
Compensation Actually Paid vs. Company Selected Measure [Text Block]	Compensation Actually Paid vs. Non-GAAP Operating Earnings 1 1 See non-GAAP financial measure reconciliations in Appendix B.
Tabular List [Table Text Block]	Pay Versus Performance—Tabular List of Most Important Financial Performance Measures ​ Financial Performance Measures ​ ​ Non-GAAP Operating Earnings ​ ​ Non-GAAP Return on Equity ​ ​ Operating Margin ​
Total Shareholder Return Amount	$ 172.34	143.5	94.81
Peer Group Total Shareholder Return Amount	128.51	136.28	100.64
Net Income (Loss)	$ 4,852,200,000	$ 1,757,400,000	$ 1,428,500,000
Company Selected Measure Amount	1,700.9	1,847.6	1,366.4
PEO Name	Daniel J. Houston	Daniel J. Houston	Daniel J. Houston
Measure [Axis]: 1
Pay vs Performance Disclosure [Table]
Measure Name	Non-GAAP Operating Earnings
Non-GAAP Measure Description [Text Block]	5 See non-GAAP financial measure reconciliations in Appendix B.
Measure [Axis]: 2
Pay vs Performance Disclosure [Table]
Measure Name	Non-GAAP Return on Equity
Measure [Axis]: 3
Pay vs Performance Disclosure [Table]
Measure Name	Operating Margin
PEO [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	$ 8,669,690	$ 13,534,312	$ (6,120,358)
PEO [Member] | Change In Pension Value And Non-qualified Deferred Compensation Earnings [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	598,475	1,699,323	4,010,196
PEO [Member] | Change In Service Cost For Pension Plans [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	474,380	504,001	481,662
PEO [Member] | Change In Prior Service Cost For Pension Plan [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	0	0	0
PEO [Member] | Stock Awards Adjustments [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	8,540,764	4,275,014	3,874,991
PEO [Member] | Option Awards Adjustments [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	0	4,275,011	3,874,991
PEO [Member] | Change In Fair Value Of Awards Granted During Year That Remain Unvested As Of Year-end [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	11,481,425	12,034,239	7,148,050
PEO [Member] | Change In Fair Value Of Awards Granted During Year The Vest During Year [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	0	0	0
PEO [Member] | Change In Fair Value From Prior Year End To Current Year End Of Awards Granted Prior To Year That Were Outstanding And Unvested As Of Year End [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	4,832,278	8,686,222	(1,850,959)
PEO [Member] | Change In Fair Value From Prior Year End To Vesting Date Of Awards Granted Prior To Year That Vested During Year [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	76,681	1,797,970	(725,573)
PEO [Member] | Change In Fair Value Of Awards Granted Prior To Year That Were Forfeited During Year [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	0	0	0
PEO [Member] | Increase Based Upon Incremental Fair ValueO f Awards Modified During Year [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	0	0	0
PEO [Member] | Increase Based On Dividends Or Other Earnings Paid During Year Prior To Vesting Date OF Awards [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	944,165	761,228	586,641
Non-PEO NEO [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	3,569,762	2,430,837	(1,362,316)
Non-PEO NEO [Member] | Change In Pension Value And Non-qualified Deferred Compensation Earnings [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	2,724	680,106	815,417
Non-PEO NEO [Member] | Change In Service Cost For Pension Plans [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	107,628	152,460	88,879
Non-PEO NEO [Member] | Change In Prior Service Cost For Pension Plan [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	0	0	0
Non-PEO NEO [Member] | Stock Awards Adjustments [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	2,933,301	912,107	936,869
Non-PEO NEO [Member] | Option Awards Adjustments [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	0	912,131	936,875
Non-PEO NEO [Member] | Change In Fair Value Of Awards Granted During Year That Remain Unvested As Of Year-end [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	3,777,323	2,535,846	1,716,941
Non-PEO NEO [Member] | Change In Fair Value Of Awards Granted During Year The Vest During Year [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	0	0	0
Non-PEO NEO [Member] | Change In Fair Value From Prior Year End To Current Year End Of Awards Granted Prior To Year That Were Outstanding And Unvested As Of Year End [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	810,800	1,747,456	(449,330)
Non-PEO NEO [Member] | Change In Fair Value From Prior Year End To Vesting Date Of Awards Granted Prior To Year That Vested During Year [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	8,011	343,818	(173,995)
Non-PEO NEO [Member] | Change In Fair Value Of Awards Granted Prior To Year That Were Forfeited During Year [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	0	0	0
Non-PEO NEO [Member] | Increase Based Upon Incremental Fair ValueO f Awards Modified During Year [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	0	0	0
Non-PEO NEO [Member] | Increase Based On Dividends Or Other Earnings Paid During Year Prior To Vesting Date OF Awards [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	$ 1,802,025	$ 155,602	$ 144,351